Mortgage
Apr 4th 2012, 11:24 am
#1
Just Joined
Thread Starter
Joined: Apr 2012
Posts: 3
Mortgage
Hi all
I am just about to move to sydney and wondered how the lending system works for buying a home in Aus and also being on a working visa (457 )if thats possible to secure a loan ?
I would be grateful for your help
Neal
I am just about to move to sydney and wondered how the lending system works for buying a home in Aus and also being on a working visa (457 )if thats possible to secure a loan ?
I would be grateful for your help
Neal
Last edited by nealhan; Apr 4th 2012 at 12:56 pm.
Apr 4th 2012, 11:51 am
#2
Still alive
Joined: Jan 2006
Posts: 28,994
Re: Mortgage
I've never heard of a 435 visa. Could you let us know whether it's a PR or temporary visa? It makes a difference to lending criteria and restrictions on buying.
Apr 4th 2012, 12:37 pm
#3
Lost in BE Cyberspace
Joined: Dec 2010
Posts: 14,040
Re: Mortgage
The lending system works ...... It's just one of the worst places to invest in property right now.
Apr 4th 2012, 8:10 pm
#6
Lost in BE Cyberspace
Joined: Feb 2009
Location: UK
Posts: 14,284
Re: Mortgage
You can buy property but will need approval from some body, can't remember the name. Yes it is possible to get a mortgage on this visa.
If you dont want to rent because you think kt is "dead money" bear in mind that buying in a falling market and then having to sell up in a hurry because uou have been given 28 days to leave the country, could be a much worse deal. No way would I buy on a temporary visa.
If you dont want to rent because you think kt is "dead money" bear in mind that buying in a falling market and then having to sell up in a hurry because uou have been given 28 days to leave the country, could be a much worse deal. No way would I buy on a temporary visa.
Apr 4th 2012, 8:15 pm
#7
BE Enthusiast
Joined: Mar 2012
Location: Melbourne
Posts: 524
Re: Mortgage
You can buy property but will need approval from some body, can't remember the name. Yes it is possible to get a mortgage on this visa.
If you dont want to rent because you think kt is "dead money" bear in mind that buying in a falling market and then having to sell up in a hurry because uou have been given 28 days to leave the country, could be a much worse deal. No way would I buy on a temporary visa.
If you dont want to rent because you think kt is "dead money" bear in mind that buying in a falling market and then having to sell up in a hurry because uou have been given 28 days to leave the country, could be a much worse deal. No way would I buy on a temporary visa.
Apr 5th 2012, 6:29 am
#8
Forum Regular
Joined: Aug 2008
Location: Illawarra
Posts: 266
Re: Mortgage
Mabye it's just this area but it seems to be cheaper here to rent than to buy the same house and pay a mortgage on it, unlike in the UK where I always found it cheaper to pay a mortgage than to rent.
Apr 5th 2012, 7:12 am
#9
Forum Regular
Joined: Jan 2011
Location: Brisbane, Australia
Posts: 92
Re: Mortgage
You can buy property in Australia on a 457 Visa. 2 main things to consider;
1) Deposit - typically you will require 20% plus costs. Costs will typically be around 5% of the purchase price to cover stamp duty, solicitors etc. Note though that stamp duty is different from state to state and will vary from nothing to 6%.
With that said, you can get a mortgage with only a 10% deposit plus costs if you were short on having the full 20%. <snip>
2) Foreign Investment Review Board Approval (FIRB); you need govt approval to buy Australian real estate if you do not hold citizenship or permanent residency. This is very easy though and always approved providing you are buying the property to live in. The Government is in no way concerned with foreigners buying a place to live in themselves. More information www.firb.gov.au
Hope this helps, good luck!
Last edited by moneypenny20; Aug 15th 2012 at 9:57 am. Reason: advertising
Apr 5th 2012, 9:22 am
#10
I don't re Member
Joined: May 2004
Location: Termite Country (Tanah Merah)
Posts: 1,372
Re: Mortgage
Hi Neal,
You can buy property in Australia on a 457 Visa. 2 main things to consider;
1) Deposit - typically you will require 20% plus costs. Costs will typically be around 5% of the purchase price to cover stamp duty, solicitors etc. Note though that stamp duty is different from state to state and will vary from nothing to 6%.
With that said, you can get a mortgage with only a 10% deposit plus costs if you were short on having the full 20%. More information on 457 visa home loans here.
2) Foreign Investment Review Board Approval (FIRB); you need govt approval to buy Australian real estate if you do not hold citizenship or permanent residency. This is very easy though and always approved providing you are buying the property to live in. The Government is in no way concerned with foreigners buying a place to live in themselves. <snip>
Hope this helps, good luck!
You can buy property in Australia on a 457 Visa. 2 main things to consider;
1) Deposit - typically you will require 20% plus costs. Costs will typically be around 5% of the purchase price to cover stamp duty, solicitors etc. Note though that stamp duty is different from state to state and will vary from nothing to 6%.
With that said, you can get a mortgage with only a 10% deposit plus costs if you were short on having the full 20%. More information on 457 visa home loans here.
2) Foreign Investment Review Board Approval (FIRB); you need govt approval to buy Australian real estate if you do not hold citizenship or permanent residency. This is very easy though and always approved providing you are buying the property to live in. The Government is in no way concerned with foreigners buying a place to live in themselves. <snip>
Hope this helps, good luck!
Within 5 weeks of arriving, we bought a house. As long as you have 20% + deposit and satisfy the bank that you can make the repayments (ie, have a job) - it's very easy. FIRB is also easy and quick.
Last edited by moneypenny20; Aug 15th 2012 at 9:57 am.
